Ord 2006-034 - Laserfiche WebLink

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Features of the Master Development AQreement .:. JQH will be constructing a full-service "upscale" hotel at the site. The hotel will consist of a minimum of 10 stories and will contain a minimum of 275 guestrooms, a restaurant, day spa, and other recreational amenities. .:. The 80,000 sq. ft. conference center will include meeting rooms, a conference center, and one large ballroom sufficient to accommodate 1,000 people for a banquet-style event. The conference center will be constructed by the City using design-build contracting procedures and design-build firm selected shall be acceptable to JQH. The City will own the conference center and will lease it to JQH for operation. .:. JQH shall continuously own and operate the Hotel and Hotel Site and shall not, without the express written consent of the City (which may not be unreasonably withheld), sell, convey, lease, sublease, or transfer JQH's ownership of, or any interest in, the Hotel, the Hotel Site, or JQH's leasehold estate under the Lease, or any portion thereof (whether by sale, lease, sublease, assignment, deed of trust, mortgage, other instrument, transfer of the beneficial interest in JQH or other means) (each, a "Transfer") . .:. As well as the operation lease, JQH will pay 30% of the note with bonds on the $20,000,000 cost of the conference center. .:. JQH agrees to comply with all applicable laws, regulations, codes, and ordinances in performance of its obligations of this Agreement and the Related Agreements including, without limitation, the LDC. To this end, JQH shall cause its development of the Hotel on the Hotel Site to be accomplished in accordance with the development schedule. .:. JQH agrees to comply with all aspects of the Related Agreements and fully perform its obligations there under. .:. At all times during the Term, JQH must cause the Hotel to be continuously operated, and the Hotel and Hotel Site (including, without limitation, all landscaping constructed and/or placed thereon) to be maintained, in an upscale condition and repair and ensure that no default occurs under the agreement evidencing the Approved Franchise. The results of any quality inspection made by the Approved Franchisor of the Hotel and/or the Conference Center shall be made available to the City upon request. During the Term, the Hotel must be operated as a full service, upscale hotel and related amenities, open to the public and operating under and in accordance with the standards of an Approved Franchise. .:. The City shall lease the Conference Center to JQH pursuant to the terms of the Lease. The Parties agree that the Base Rent owed under the Lease for any calendar year during the term thereof shall be equal to the total debt 22